By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Oct 16 – Canola contracts on the ICE Futures Canada platform were weaker Thursday morning, seeing a downward correction following Wednesday’s gains, as they were said to be overdone.
Spillover pressure from the weakness in Malaysian palm oil and European rapeseed futures overnight was also bearish, analysts said.
Ongoing expectations of record large US soybean production, North American harvest pressure and a recent pick up in farmer selling into Canadian cash markets further undermined values.
However, weakness in the value of the Canadian dollar limited the declines, as it made canola more attractive to crushers and exporters.
Some spillover support also came from the advances seen in Chicago soybean and soyoil futures Thursday morning.
As of 8:53 CDT, about 5,850 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:53 CDT:
